The normal period for consultation is 30 days but on occasion, for expediency, the period for consultation may be reduced. Each proposed measure will also be posted to this consultation page. The terms of the consultation will be contained in the cover letter posted with the draft measure or consultation paper, including the date by which responses must be received. Where a proposal requires the approval of the Governor, a copy of the private sector's representations along with the Authority's response will be provided to the Financial Secretary. Representations can be made within a prescribed time, to which the Authority will provide a written response. an estimate of the associated costs and benefits associated.an explanation of how others countries and territories have adopted the measures and.an explanation of the purpose behind the measure.Where the Monetary Authority Act requires private sector consultation in relation to a proposed measure, it is sent to the Private Sector Associations along with: Other instruments or consultative papers on issues where the Authority is seeking to take into account industry views when making recommendations, or providing advice, to the Government, including the amendment or introduction of regulations or laws.Drafts of Regulatory Policies and Procedures of the Authority, particularly where they may have the effect of creating, directly or indirectly, rules or statements of principle or guidance concerning the conduct of licensees or their officers or employees and.The following may also occasionally be published for consultation: The issuance or amendment of rules or statements of principle or guidance to reduce the risk of financial services business being used for money laundering or other criminal purposes.The issuance or amendment of statements of guidance concerning the requirements of the money laundering regulations and.The issuance or amendment of rules or statements of principle or guidance concerning the conduct of licensees and their officers and employees.Section 34 of the Monetary Authority Act requires private sector consultation in relation to the following proposed measures: This 'culture of consultation' is formalised through a clearly stated private sector consultation process. The Authority has long recognised that the success of its initiatives is dependent on the extent to which licensees embrace them and collaborate with the Authority in their implementation. Section 4(1) of the Monetary Authority Act establishes a process for private sector consultation in relation to certain proposed measures (see Measures on Which CIMA Must Consult).